Lodha’s premium project require a capex of Rs 2000 crore

Lodha Developers is all geared-up to build the world’s tallest residential building Lodha World Place. The Mumbai-based developer has said the ultra premium project will require an investment of Rs 2000 crore.

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Lodha’s premium project require a capex of Rs 2000 crore

Lodha Developers is all geared-up to build the world’s tallest residential building Lodha World Place. The Mumbai-based developer has said the ultra premium project will require an investment of Rs 2000 crore.

Lodha Developers is all-geared up to build the world’s tallest residential building Lodha World Place. The Mumbai-based developer has said the ultra premium project will require an investment of Rs 2000 crore.

The company will fund the requirement through internal accruals and pre-launch sales. It is also looking at private equity investments to ramp up funds for the project.

The management has said that the project is expected to contribute around Rs 10,000-Rs 15,000 crore to the topline of the company. However further plans of launching an initial public offer (IPO) has been currently stalled as several IPO in the realty sector have not faired well since February.

Lodha Developers plans to to build Lodha World Place in Lower Parel, Mumbai, comprising of three towers. The flat will command a price of Rs 7.5-50 crore.

The tallest tower would comprise three and four BHKs, villas, and mansions. Three-four BHK apartments will be located between the 7 and 41 floor and have an area of 3,420-3,465 sq ft. One will have to shell out Rs 22,000-Rs 24,000 per sq ft and an additional Rs 180 per floor rise/sq ft. An additional Rs 25,20,000 will have to be paid for two compulsory parking lots.

Villas will be located from floors 42 to 83. The large four BHK villas will have an area of 7,092 sq ft and will be priced at Rs 27,000-28,000 per sq ft or about Rs 18 crore. Occupants will also have to pay an additional Rs 180 per floor rise/sq ft and will have to take three compulsory parking slots. Mansions will be on floors 83-117 and have an area of 12,000 sq ft. It will be priced at Rs 36,000-40,000/sq ft and will have four compulsory parking slots for occupants. It will have the most expensive houses to live in with a base price of Rs 45 crore.

The Lodha Group expects to launch the project on June 10. It will have a five-year project timeline. The Group is likely to make a formal announcement on June 8.